Hard Money Loans in 77048

There is this phenomenal possibility for renovating and flipping this nice out of date condo in a good area and it looks like the one you have been looking forward to for a long time. Many people know that capable professional flippers, such as Tarek and Christina El Moussa from HGTV's reality flipping series, Fix or Flop, are able to generate an average profit margin of $40,000 to $50,000 on their flips. Of course, you also are aware that their great results can be credited to the fact that they're experts, are well versed in hard money loans, they understand market trends quite well and additionally, they are good at working a public auction to buy their homes at a reasonable deal. Nonetheless, your rehab and remodeling skills aren't bad either — in any case, you've already located a good general contractor to tackle the job.

But how can you obtain the necessary funding for home flipping? For those who get in touch with a common lender, like a bank for financing, it more than likely will take no less than 30-60 days for your acceptance to come through and your funds to be accessible. Given that sellers give preference to a fast closing, it may be advisable to begin looking for other financing alternatives.

To add to it, banks have already been tightening up their lending standards as of late, making it difficult for a person to receive a regular loan if their credit situation is not perfect or he does not have a consistent salaried profession. So does that mean you are without an option, but to abandon your dream of venturing into home renovating? By no means, considering that you can always use the 77048 hard money loan approach to fund your rehab project.

A hard money home loan in 77048 gives you what is viewed as imperative to many real estate sales — a very fast closing of just a couple of weeks and sometimes less. Aside from that, loans can be done for up to 70% loan-to-value of the "as is" home's valuation, as deemed by a qualified appraiser. With the rates starting off around 10%, hard money real estate loans may appear, at first, to be higher priced when compared with traditional bank loans. But the time frames of these loans are comparatively shorter, which means the interest rate is far less significant. As it pertains to short-term loans of a handful of years or less, you should think of them just like you would other expenditures for the project. And once you have sold the house, recovering this expense is comparable to recuperating the expense for all the bathroom or other upgrades you did.

What's more, it is easy to obtain a hard money mortgage, regardless if your credit score is not that great. The applicant's credit score is not the primary determining factor for 77048 hard money lenders — additionally, they evaluate the piece of real estate, what is it valued at, where it is located, and its ability to earn back their investment if things do not go as planned. Adding to this, if the person can demonstrate prior experience in similar real estate endeavors, can put down money for a down payment, and the cost of equivalent houses in the area works to his benefit, he stands a very good shot of qualifying for a hard money real estate loan.

So should you run into a good and worthwhile flipping opportunity, be assured you'll have a hard money lender in 77048, prepared to lend you the money you'll need. Submit the contact form on this page or get in touch with us via phone to talk about your property.

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Investment property loans only please, no primary residences at this time.